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Falor Signs Agreement to Buy South Beach Hotel

MIAMI-The company plans to convert the hotel, being sold for an undisclosed price, into a condominium-hotel. The sale is expected to close by Oct. 15. Units are to start selling in November.

By Melissa Bogdany | Updated on August 19, 2004

MIAMI-In what would be its fourth South Florida hotel acquisition this year, the Falor Cos. signed a definitive agreement to buy the Tides hotel on South Beach. The price was not disclosed at this time.Falor, a locally and Chicago-based hospitality company, plans to convert the project into a condominium-hotel. The 45-suite hotel is located at 1220 Ocean Dr. The price range of the future condos was undetermined at press time, according to a spokeswoman. Built in 1936, the hotel was owned by Avalon Tides, which paid $12.1 million for it in January, according to the Miami-Dade County property appraiser’s office.”The condo-hotel industry trend continues to thrive, and we are not strangers to the growing arena nor the hot South Florida market,” Robert Falor, president and CEO of the Falor Cos., says in a statement. “Based on our extensive experience, we are confident this will be a profitable venture and a great opportunity. The Tides is an elegant hotel in a great location overlooking the ocean.”The sale of the Tides is expected to close by Oct. 15, and condos are to go on sale in November. The Falor Cos. plans to hire a new hotel operator for the property this year.The Falor Cos., which specializes in development and asset management, is involved in these other local projects: a joint venture with Colony Capital in buying the Mayfair House Hotel in Coconut Grove, Cheeca Lodge and Spa in Islamorada, and Breakwater and Edison hotels on South Beach. The Mayfair House, converted into a condo-hotel, is getting a $15-million renovation. The company plan to close on the Breakwater and Edison deals in September and also convert them into a condo-hotel.

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